APPENDIX II

For long the only coin actually minted was this denaro (parvus, parvulus, piccolo or minuto), a silver coin. The first of these thus issued appertain entirely to the system of the Empire of Charlemagne. They bear the name of Louis the Pious (814-40), and approximate in weight to his pieces. The dismemberment of Charlemagne's Empire is followed by a gap in the Venetian coinage, and the series only recommences in the eleventh century. These latter still appertain to the system of the revived Roman (Germanic) Empire, and bear the names of Henry II. (1002-24), Conrad II. (1027-39), and Henry IV. (1056-1106).

From this latter date onwards the imperial monies cease at Venice, and the series of Ducal monies—the monies of the republic of Venice—begin with the Dogeship of Vitale II. (1156-72). From the same period there is noticeable that deterioration in weight which marks all the systems of mediæval Europe. The denari of Doge Sebastiano Ziani (1172-8) and of the two succeeding Doges are scarcely one-quarter the weight of the Charlemagne denarius.

This depreciation led, in the year 1200, to the issue of a piece of higher denomination, namely, the grosso—still a silver coin, but valued at 26 piccioli or denari; and for about seventy years the grosso displaced the picciolo. About 1270, however, the coining of the picciolo recommenced under Doge Lorenzo Tiepolo, but at a slightly reduced value, 28 piccioli being rated to the grosso, instead of 26 as in the year 1200. Up to the great recoinage of 1476 the grosso remains the main coin of reference. Its gradual but incessant depreciation can be traced in the table of silver coins given on p. 318.

Under the eleventh doge, Giovanni Dandolo (1280-89), the coining of gold began in Venice. In 1284, the date of the first issue, the gold ducat or sequin (zecchino) of Venice was valued at 18 grossi, giving a ratio of gold to silver of 10.6. The subsequent changes of the ratio have already been stated (see text, supra, p. 40). From 1282, 67 ducats were coined from the Venetian mark. This number was increased in 1491 to 67 1⁄2, and in 1570 to 68 1⁄4. The course of the sequin throughout is given in the table on p. 316. It was the monetary trouble which they produced that led to the great recoinage accomplished under Doge Nicolo Tron (1471-73) and his successors, Nicolo Marcello (1473-74) and Pietro Mocenigo (1474-76).

From the date of this recoinage onwards the silver grosso was abolished as a coin, and a new silver coin, the lira, valued at 20 soldi, was instituted. This is the first appearance of a real and effective lira as a coin. Hitherto the name had only been that of a weight. By the decree of 1472, 36 of these lira were to be coined out of the mark of silver.

On account of the name of the doge this coin was known as the Lira Tron for centuries. In its turn it underwent a ceaseless depreciation (see table on p. 318).

In the middle of the sixteenth century there was so much silver in the Venetian Mint waiting to be coined for the merchants that the State, finding it could only issue 35,000 pieces a month, which, in small pieces of 442 soldi, would take a year to exhaust the stock, determined for the ease and encouragement of the merchants to issue a large silver piece, the ducato d'argento, 7 1⁄4 to the mark of silver by tale, and rated at 124 soldi.

Under Doge Nicoló da Ponte (1578-85) this piece becomes the scudo d'argento, which begins in 1578 with an equivalence of 7 lira.

On this basis the monetary system of Venice continued till the seizing of the Mint by the Democrats in 1797.

For several years, during which they held possession, they issued a coin called Tollero, of the nominal value of 10 Venetian lire, i.e. 5.16 Italian lire, but really only equal to 4.99 of the latter.

In 1802 the Italian Republic was erected by Buonaparte. The monetary law of the Republic, dated 30th April 1804, provided for the coining of a national money on a unit or basis of the silver lira, of the weight established by the law of 27th October 1803, namely, 4 deniers, and of .9 standard.

The unit gold coin to be 1⁄125 of the new established livre in weight (= 8 deniers), and of .9 standard, to equal 31 lire.

In 1805 Napoleon declared himself King of Italy, but the change was not followed by any radical revolution of the coinage system.

From 1806 the decimal system was introduced into Italy, and on the reduction of the numerous independent monetary systems the Venetian lira was computed at .5116 of the Italian, i.e. 51.16 centesimi.

As a matter of fact, however, the Venetian lira did not totally thereupon disappear from use.

By decree of December 21, 1807, the ducat (zecchino) of 67 47⁄41 Venetian grs. was rated at 12.03 lire Italiane.

Under the Lombardo-Venetian kingdom, which succeeded, the main Italian monies were assimilated to those of Austria. The money of account was, at Milan, the Austrian lira (= 100 centesimi = 20 Austrian soldi at 5 centesimi each).

There remains to be described the second and less important basis of the Venetian system, that of the lira di grossi. It was throughout—i.e. from the thirteenth century, when it originated, to the close of the sixteenth, when it disappeared—an ideal system, i.e. of account only.

A supposititious lira di grossi was taken and divided into 40 soldi, each soldo was subdivided into 12 denari, and each one of these denari was equivalent to the grosso, the actual coin existing in the system—already described.

The lira di grossi therefore maintained at first the same relativity to the lira di piccioli that the actual grosso did to the actual picciolo, namely, 26:1. This relation, however changed subsequently with the depreciation of the actual grosso (the lira).

A curious feature about this system was that in its turn it subdivides. In 1343 a double (hypothetical) grosso was adopted; one of 48 piccioli, the other of 32, both of them subdivided into thirty-two parts as, again, an ideal system.

In 1472, therefore, the Venetian silver system consisted of—

1. Lira di piccioli, an actual coin represented by the Troni, and containing 128 grs. of silver, .9472 fine.

2. The ideal lira di grossi, then equivalent to 10 ducats, divided into 20 ideal soldi, each equivalent to 1⁄2-ducat, each soldo again subdivided in 12 grossi, the grosso being now no longer the actual coin of that name but ideal, like the above multiples; and each grosso in its turn subdivided into 32 parts, to which the name of piccioli was given, though as ideal as its multiple the grosso. For distinction's sake probably, these ideal grossi and piccioli occur in history as grossi a oro and piccioli a oro.

APPENDIX III

The unit denomination of the silver money was twofold—(1) the silver sueldo (= 1⁄6 onza like the gold), and (2) the denario ( 1⁄8 onza or ochava). The silver coins were at first of 12 dineros fine, but subsequently only 10.12 (=.875 fine).

Of these two units, the latter, the silver denario was far the more usual and frequent in use.

With one important change of name, and infinite change of incident and detail, it was this system which obtained till the great reform of the Spanish monetary system under Ferdinand and Isabella.

The change of name consists in the introduction of that of the maravedi, which was adopted from the conquered Moors, and applied to designate the sueldo d'oro from the time of the conquest of Toledo.

In a comprehensive way it may be said that the history of this word or name, maravedi, sums up the monetary history of Spain. From being the original gold coin of highest denomination, it came to be a silver coin, then a billon coin of the very lowest denomination, as it is to-day. The process of its degeneration is quite unexampled even in Europe. In addition, also, to the confusion of idea produced by this depreciation there is a further uncertainty, caused by the quite general use of the word or name, i.e. not as the name of a particular coin or money series, but perfectly generally for almost any and every coin—as synonymous, in fact, with the simple word money itself.

Neglecting this latter question, however, as one of nomenclature merely, the course of depreciation of the maravedi may be thus illustrated:—

Maravedi (Moorish coin), fine gold, about 56 grs. By the time of James I. of Aragon, the contents in fine gold had sunk to 14 grs.

Having been still further reduced to 10 grs. under Alfonso the Wise, it was made into a silver coin, as being too small to be expressed in gold.

Its depreciation in this latter form and through its third form of billon money was as follows:—

To return. At the time of its adoption by the Christian powers of Spain, the maravedi (or sueldo de oro) was equal to 1⁄6 onza of gold.

To this maravedi de oro was subsequently given the name of Alfonsi, supposititiously from Alfonso VI., the first to issue them.

The first important change in this monetary system of Gothic Spain—though one of detail rather than system—was effected by Ferdinand II. of Leon, who, in 1157, coined the silver leones of the value of half the silver sueldo (= 12 dineros).

In 1222 S. Ferdinand introduced the sueldo pepiones.

Sueldo de oro = 10 metales or mitgales, 1 metale = 18 pepiones.

But both these importations were suppressed by Alfonso X., the Wise, of Castile.

In 1252 he coined his maravedis blancos, or Burgaleses, to replace the sueldos pepiones.

6 dineros = 1 sueldo,
15 sueldos = 1 maravedi Burgalese.

This maravedi bore the ratio of 1: 6 to the old maravedi de oro.

This money (Burgalese) was subsequently known as moneda viejo, maravedis viejos, or moneda blanca.

Six years after its introduction, however, Alfonso demonetised his own Burgaleses to make room for his maravedises negros, or prietos, a money of billon which lasted till the days of Ferdinand and Isabella.

Twenty-three years later Alfonso issued a second "white money" (1281), so called as distinguished from the Burgaleses, mention of which recur.

To the "second white" (blanco segundo) was also given the (commoner) name of new (novenes). It was issued at one-fourth the value of the prietos. The relationship of the novenes to the prietos and to the standard (now supposititious) gold maravedi is thus expressed:—

15 dineros prietos = 1 maravedi,
Old maravedi = 75 sueldos,
  ∴ 1 prieto = 5 sueldos.
Old maravedi = 60 maravedis novenes,
  ∴ 1 prieto = 4 maravedis novenes.

Under Alfonso the Wise, therefore, the system was as follows:—

10 dineros = 1 noveno,
4 novenes = 1 maravedi de los prietos (= 5 sueldos of 8 dineros each).
10 novenes = 1 maravedi de los Burgaleses.
60 novenes = 1 old maravedi.

These novenes, or maravedis blancos segundos, continued current through the fourteenth century, and in the laws of John III. are spoken of as "maravedises of our present currency," and as still = 1⁄10 of the maravedises Burgaleses, which latter are spoken of as "maravedises of good currency" (maravedis de los buenos).

But by the close of the fourteenth century, owing to the depreciation of the currency, the novenes had come to be looked upon as of better denomination than the then current coin, and are accordingly spoken of as "old" (viejos) for distinction's sake.

The only material additions to this system of Alfonso the Wise were briefly—

1. The coronados, an innovation of his successor, Sancho IV. (1284-95), who, in 1286, introduced them as = 1 old dinero. They subsequently appear as cornados.

In the Cortes of Toledo their relation to the novenes was thus determined:—

6 coronados = 10 novenes = 1 maravedi de moneda vieja (= Burgaleses).

2. The series of gold coins initiated by Alfonso XI. (1302-50).

It was in the reign of this latter King that the general movement of adoption of gold coinage first touched Spain. The earliest gold coins were Alfonso's doblas, subsequently known as castellanos. The weight of this coin has been variously assigned as 48 to a mark or 50 or 51.

Taking the tale of 50 to the mark, the weight per piece would be 92 4⁄25 grms. (= 4.60090 grms.) of 23 3⁄4 quilates fine (= .989 fine).

Pedro I. made gold doblas of the weight of 90 grs., and this endured till the days of John I., 1379-90, who preserved the same weight but lowered the standard. Under Henry III. the standard of 23 3⁄4 quilates was again restored. For the movement of the gold coins subsequent to Ferdinand and Isabella, see the Table.

3. The silver real first appears under Pedro I., 1350-69. It was issued at a tale of 66 to a mark, and 11 dineros 4 grs. fine.

Under Henry II. of Castile, 1369-79, these reals undergo extraordinary debasement, the standard being reduced to .279, .129, .060, and so on; but a recovery took place under his successor, John I., 1379-90, who returned to the standard of Pedro I., substituting for the debased real his own vellon money, under the titles of blancos and Agnus Dei, a money known later as blancas and maravedises de moneda blanca.

The restorer of the Spanish coinage was, however, not John so much as his son, Henry III., 1390-1406. By his ordinance of 21st January 1391, issued at the instance of the Cortes of Madrid, 1390, the blancos of John I. were reduced in equivalence to 1 coronado. Gold coins were restored to the tale and standard of Alfonso XI., and the silver real to those of Pedro I.

The vellon money, however, of this reign—the blancos in particular—present a confusion which has hitherto baffled the most learned. It has been computed that one hundred and thirty-two monies of various denominations circulated in Castile under this King.

In brief, the system from his day till the time of Ferdinand and Isabella may be thus tabularly expressed:—

The reign of John II. (1406-54) marks a period of exceeding confusion, coupled with inefficient attempts at legislative remedy. The disorder of his reign was further increased under his successor, Henry IV. (1454-74), years which represent the apogee of Spanish depreciation. By grants of the right of private minting the six official Spanish Mints were increased to not less than 150, with a resulting monetary disorder, dearness of necessaries, and commercial panic which it would be difficult to estimate. The gold monies varied in fineness from 23 1⁄2, 19, 18, 17, and so on, even to 7 quilates, and the same extraordinary variations marked the silver monies. Of billon monies there were eight distinct classes, representing a succession of fractional parts of the silver real, 1⁄6, 1⁄7, 1⁄8, 1⁄12, 1⁄16, 1⁄22, 1⁄24, 1⁄58.

Taking, for the mere purpose of generalisation or average, the gold Enrique of this reign at a tale of 50 to a mark, 23 3⁄4 quilates fine, and the silver real (= 30 maravedis de blancas) at a tale of 67 to a mark, and standard of 11.4 fine, the ratio of gold to silver for the reign would be 9.824:1.

The monetary situation which the advent of the Catholic kings, Ferdinand and Isabella (1475-1506), was to alleviate and reform was the most deplorable that Spain has ever seen. Not less than eleven ordinances of reform were issued before the close of the century. For practical purposes only the first and last of these require notice. By the Mint indenture, issued on the 26th June 1475 to the Mint master of Seville, the gold coinage was ordered on the following basis:—

Excellentes (at a tale of 25 to a mark, 23 3⁄4 quilates fine, in value = to 2 castellanos).

And silver on the following basis:—

Silver Reals (at a tale of 67 to a mark, 11 din. 4 grs. fine, in value equal to 30 maravedis).

First and chiefest importance, however, attaches to the ordinance of 1497, issued at Medino del Campo, and so named. By this ordinance all the previous existing systems and monies were abrogated, and a new system instituted which forms the starting-point for the monetary history of that Spain which was to be the receiver and distributor of the gold and silver of the New World.

The standard of gold was fixed at 23 3⁄4 quilates. The basis of the gold coins was to be the excellente de la Granada, issued at an equivalence of two of the antecedent excellentes, and at a tale of 65 1⁄3 to the mark.

The system of the silver real was as in 1475, but it was issued at an equivalence of 34 maravedis, at which it ever after remained.

The billon money was to consist of blancas (7 grs. fine, and at a tale of 192 to a mark).